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Former FTX CEO Bankman-Fried Files A New Bail Application After Losing The Initial One: Source

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Former FTX CEO Bankman-Fried Files A New Bail Application After Losing The Initial One: Source

(CTN NEWS) – Sam Bankman-Fried, the former CEO of FTX, has filed a bail application with The Bahamas Supreme Court, according to a source with knowledge of the situation, after having his request for bail denied by a magistrate judge on Tuesday.

Bankman-Fried request to stay at home as he awaited a hearing on his extradition to the United States, where he is accused of financial crimes, was denied by Chief Magistrate JoyAnn Ferguson-Pratt.

And he was remanded to a Bahamas detention facility.

Former FTX CEO Bankman-Fried Files A New Bail Application After Losing The Initial One: Source

The Bahamas Department of Correctional Services flag at the facility where Sam Bankman-Fried, who founded FTX, is believed to be held following his arrest in Nassau, Bahamas, December 15, 2022. REUTERS/Dante Carrer

Without identifying any sources, Eyewitness News, a Bahamas broadcaster, said on Thursday that the Supreme Court would hear the bail application on January 17.

According to U.S. prosecutors, Bankman-Fried used FTX customers’ deposits to defraud them by using them to pay for expenditures and debts.

Former FTX CEO Bankman-Fried Files A New Bail Application After Losing The Initial One: Source

Bahamian Prime Minister Philip Davis visits the Bahamas Department of Correctional Services facility where Sam Bankman-Fried, who founded FTX, is believed to be held following his arrest in Nassau, Bahamas, December 15, 2022. REUTERS/Dante Carrer

And to invest on account of his bitcoin investment firm, Alameda Research LLC.

Before FTX abruptly collapsed this year, Bankman-Fried had created a fortune of over $20 billion by riding the cryptocurrency bubble and growing it into one of the biggest exchanges in the world.

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